Acquisition Financing for 28-unit Apartment Building
Lone Oak Fund just closed a $2,961,000 first trust deed secured by a 15,000 square foot, 28-unit apartment building in the Westlake neighborhood of Los Angeles. The building has a good mix of 1, 2, and 3-bedroom units. The Borrower utilized Lone Oak Fund for a fast close and will eventually refinance with permanent debt.
|Property Type||15,000 square foot 28-unit apartment building|
|Loan to Cost||60%|
|Rate & Term||6 months at 7.90% interest only|
|Origination Fee||1.0 point|